Airport Retailing Market Set to Boom Anticipating Explosive 12.6% CAGR Growth, Surpass $40,592.8 Million by 2027
Airport Retailing Market
The liquor & tobacco segment is expected to grow at a CAGR of 12.0% during the forecast period.
WILMINGTON, NEW CASTLE, DELAWARE 19801 USA, UNITED STATES, February 23, 2024 /EINPresswire.com/ -- ๐๐ก๐ ๐ ๐ฅ๐จ๐๐๐ฅ ๐๐ข๐ซ๐ฉ๐จ๐ซ๐ญ ๐ซ๐๐ญ๐๐ข๐ฅ๐ข๐ง๐ ๐ฆ๐๐ซ๐ค๐๐ญ ๐ฌ๐ข๐ณ๐ ๐ฐ๐๐ฌ ๐ฏ๐๐ฅ๐ฎ๐๐ ๐๐ญ $๐๐,๐๐๐.๐ ๐ฆ๐ข๐ฅ๐ฅ๐ข๐จ๐ง ๐ข๐ง ๐๐๐๐, ๐๐ง๐ ๐ข๐ฌ ๐๐ฑ๐ฉ๐๐๐ญ๐๐ ๐ ๐ซ๐จ๐ฐ ๐๐ญ ๐ ๐๐๐๐ ๐จ๐ ๐๐.๐% ๐๐ฎ๐ซ๐ข๐ง๐ ๐๐๐๐โ๐๐๐๐ ๐ญ๐จ ๐ซ๐๐๐๐ก ๐๐,๐๐๐.๐ ๐ฆ๐ข๐ฅ๐ฅ๐ข๐จ๐ง ๐ข๐ง ๐๐๐๐.
Allied Market Research published a new report, titled, "Airport Retailing Market by Product Type, Airport Size, and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2021-2027". The report offers an extensive analysis of changing market trends, key segments, top investment pockets, regional scenario, Porterโs Five Forces, and competitive scenario.
๐๐๐ช๐ฎ๐๐ฌ๐ญ ๐๐๐ฆ๐ฉ๐ฅ๐ ๐๐จ๐ฉ๐ฒ ๐จ๐ ๐๐๐ฉ๐จ๐ซ๐ญ: https://www.alliedmarketresearch.com/request-sample/8307
Airport retailing has grown in popularity in recent years. Often referred to as travel retail (because it takes place mostly but not entirely in an airport), it has emerged as an important strategy for companies looking to promote and raise awareness about their brand. Airports with low airfares are unable to generate significant revenue from aeronautical business. As a result, they have transitioned their business into non-aeronautical businesses such as retail stores, restaurants, bars, and cafeterias. Airport retailing can also include hotels, nursing homes, car rental outlets, banks, exchange offices, drugstores, and other stores selling jewelry, books and magazines, gifts and crafts, clothing and accessories, convenience stores, optics, Fragrance and Perfume.
Rise in inclination of people toward unique and exotic holiday experiences, surge in the income of middle- & upper-class people, and growing interest of people to spend more money on shopping fuel the growth of the global airport retailing market. On the other hand, stringent government regulations impede the growth to some extent. Nevertheless, upsurge in the tourism sector, affordable airfares, increased airport investment to expand retail spaces, and the introduction of new terminals are expected to create lucrative opportunities in the industry.
Based on product type, the perfumes and cosmetics segment accounted for nearly two-fifths of the global airport retailing market share in 2019, and is expected to rule the roost by the end of 2027. The same segment would also register the fastest CAGR of 13.7% from 2021 to 2027. Improvement in lifestyle along with increase in affluent population drives the segment growth.
The airport retailing market is being driven by an increase in the number of passengers, particularly in countries with a high level of public transportation, such as India and China. The airport retailing market is also being boosted by travelersโ desire to shop on the go and retailersโ growing ability to sell products. Passengersโ time spent at airports has also increased as a result of airlinesโ early check-in times set due to security and operational concerns. This has given retailers the ability to sell products more efficiently.
Based on airport size, the large airport segment contributed to nearly three-fifths of the global airport retailing market revenue in 2019, and is anticipated to lead the trail by 2027. Large airports are located at the capital region of countries and are popular holiday destinations. These airports have a considerable number of business class travelers who notably contribute toward the sale of products through travel retail hubs. These factors propel the segment growth.
๐๐จ๐ฆ๐ฉ๐ฅ๐๐ญ๐ ๐๐๐ฉ๐จ๐ซ๐ญ ๐ข๐ฌ ๐๐ฏ๐๐ข๐ฅ๐๐๐ฅ๐: https://www.alliedmarketresearch.com/checkout-final/3a4d36a1203ebad53d4ac8ff660a124e
Region, Asia-Pacific, followed by Europe and North America, held the major share in 2019, garnering nearly two-fifths of the global airport retailing market. The same region would also cite the fastest CAGR of 13.7% from 2021 to 2027. This is due to increase in number of new air routes and the introduction of low cost carrier (LCC) in the province.
The global market is fragmented with the presence of several market participants across various regions such as ๐๐ข๐ซ๐ฉ๐จ๐ซ๐ญ ๐๐๐ญ๐๐ข๐ฅ ๐๐ซ๐จ๐ฎ๐ฉ ๐๐๐, ๐๐ฎ๐๐๐ข ๐๐ฎ๐ญ๐ฒ ๐ ๐ซ๐๐, ๐๐ฎ๐๐ซ๐ฒ ๐๐, ๐๐ ๐ ๐๐ซ๐จ๐ฎ๐ฉ ๐๐ญ๐, ๐๐ข๐ง๐ ๐๐จ๐ฐ๐๐ซ ๐๐ง๐ญ๐๐ซ๐ง๐๐ญ๐ข๐จ๐ง๐๐ฅ, ๐๐ก๐ ๐๐ก๐ข๐ฅ๐ฅ๐ ๐๐ฎ๐ญ๐ฒ ๐ ๐ซ๐๐, ๐๐ก๐ข๐ง๐ ๐๐ฎ๐ญ๐ฒ ๐ ๐ซ๐๐ ๐๐ซ๐จ๐ฎ๐ฉ ๐๐จ., ๐๐ญ๐, ๐๐๐๐ซ. ๐๐๐ข๐ง๐๐ฆ๐๐ง๐ง ๐๐ & ๐๐จ. ๐๐, ๐๐๐ฉ๐๐ง ๐๐ข๐ซ๐ฉ๐จ๐ซ๐ญ ๐๐๐ซ๐ฆ๐ข๐ง๐๐ฅ ๐๐จ., ๐๐ญ๐, ๐๐ง๐ ๐ ๐ฅ๐๐ฆ๐ข๐ง๐ ๐จ ๐๐ง๐ญ๐๐ซ๐ง๐๐ญ๐ข๐จ๐ง๐๐ฅ.
๐๐ฑ๐ฉ๐ฅ๐จ๐ซ๐ข๐ง๐ ๐๐ซ๐จ๐ฐ๐ญ๐ก ๐๐ซ๐จ๐ฌ๐ฉ๐๐๐ญ๐ฌ ๐๐ง๐ ๐๐๐ฆ๐๐ง๐ ๐๐ซ๐๐ง๐๐ฌ ๐ข๐ง ๐ญ๐ก๐ ๐๐ข๐ซ๐ฉ๐จ๐ซ๐ญ ๐๐๐ญ๐๐ข๐ฅ๐ข๐ง๐ :
๐๐๐ฌ๐ฌ๐๐ง๐ ๐๐ซ ๐๐๐ฆ๐จ๐ ๐ซ๐๐ฉ๐ก๐ข๐๐ฌ: Understanding the demographics of airport passengers is crucial for tailoring retail offerings. For instance, airports serving primarily business travelers might prioritize luxury brands and business-oriented services, while those catering to leisure travelers may focus on convenience items and souvenirs.
๐๐ซ๐๐ฏ๐๐ฅ ๐๐๐ญ๐ญ๐๐ซ๐ง๐ฌ: Analyzing travel patterns helps identify peak travel times and seasons, enabling retailers to adjust their inventory and marketing strategies accordingly. For example, during holiday seasons or major events, airports may experience higher foot traffic, presenting opportunities for increased sales.
๐๐จ๐ง๐ฌ๐ฎ๐ฆ๐๐ซ ๐๐๐ก๐๐ฏ๐ข๐จ๐ซ: Studying consumer behavior within airport environments can provide insights into shopping preferences, spending habits, and decision-making processes. Factors such as impulse buying, time constraints, and the desire for unique or duty-free products influence purchasing behavior.
๐๐๐๐ก๐ง๐จ๐ฅ๐จ๐ ๐ฒ ๐๐ง๐ญ๐๐ ๐ซ๐๐ญ๐ข๐จ๐ง: The integration of technology, such as mobile apps, digital signage, and contactless payment systems, enhances the airport retail experience. Personalized recommendations, virtual shopping assistants, and seamless checkout processes contribute to increased sales and customer satisfaction.
๐๐ฎ๐ญ๐ฒ-๐ ๐ซ๐๐ ๐๐ก๐จ๐ฉ๐ฉ๐ข๐ง๐ : Duty-free shopping remains a significant driver of airport retail sales, particularly for international travelers. Offering a wide range of tax-free products, including alcohol, tobacco, cosmetics, and luxury goods, attracts passengers seeking savings and exclusive items.
๐-๐๐จ๐ฆ๐ฆ๐๐ซ๐๐ ๐๐ง๐ ๐๐ซ๐-๐จ๐ซ๐๐๐ซ ๐๐๐ซ๐ฏ๐ข๐๐๐ฌ: Many airports offer e-commerce platforms and pre-order services, allowing passengers to browse and purchase products online before their travels. This convenience enhances the overall shopping experience and encourages higher spending.
๐ ๐จ๐จ๐ ๐๐ง๐ ๐๐๐ฏ๐๐ซ๐๐ ๐ ๐๐๐ญ๐๐ข๐ฅ๐ข๐ง๐ : Food and beverage outlets play a crucial role in airport retailing, providing opportunities for dining, relaxation, and socializing. Diversifying offerings to include a mix of cuisines, concepts, and dining formats caters to varying passenger preferences.
๐๐ง๐ช๐ฎ๐ข๐ซ๐ ๐๐จ๐ซ๐ ๐๐๐จ๐ฎ๐ญ ๐ญ๐ก๐ข๐ฌ ๐๐๐ฉ๐จ๐ซ๐ญ: https://www.alliedmarketresearch.com/purchase-enquiry/8307
๐๐๐ฒ ๐๐๐ง๐๐๐ข๐ญ๐ฌ ๐ ๐จ๐ซ ๐๐ญ๐๐ค๐๐ก๐จ๐ฅ๐๐๐ซ๐ฌ:
โ The study provides an in-depth analysis of the global airport retailing market growth with current trends and future estimations to elucidate the imminent investment pockets.
โ The report provides a quantitative analysis of the airport retailing market share from 2019 to 2027 to identify the prevailing airport retailing market opportunities.
โ The report provides a quantitative analysis from 2019 to 2027, which is expected to enable the stakeholders to capitalize on prevailing airport retailing market trends.
โ In-depth analysis and the airport retailing market size and segmentation assist to determine the prevailing opportunities.
โ Competitive intelligence in airport retailing market analysis highlights the business practices followed by leading players across various regions.
๐๐๐๐ฌ๐จ๐ง๐ฌ ๐ญ๐จ ๐๐ฎ๐ฒ ๐๐ข๐ซ๐ฉ๐จ๐ซ๐ญ ๐๐๐ญ๐๐ข๐ฅ๐ข๐ง๐ ๐๐๐ซ๐ค๐๐ญ ๐๐๐ฉ๐จ๐ซ๐ญ:
โข Procure strategically important competitor information, analysis, and insights to formulate effective R&D strategies.
โข Recognize emerging players with potentially strong product portfolio and create effective counter-strategies to gain competitive advantage.
โข Classify potential new clients or partners in the target demographic.
โข Develop tactical initiatives by understanding the focus areas of leading companies.
โข Plan mergers and acquisitions meritoriously by identifying Top Manufacturer.
โข Develop and design in-licensing and out-licensing strategies by identifying prospective partners with the most attractive projects to enhance and expand business potential and Scope.
โข Report will be updated with the latest data and delivered to you within 2-4 working days of order.
โข Suitable for supporting your internal and external presentations with reliable high-quality data and analysis.
โข Create regional and country strategies on the basis of local data and analysis.
๐๐๐๐ ๐๐จ๐ซ๐ ๐๐ซ๐๐ง๐๐ข๐ง๐ "๐๐๐ ๐๐ฑ๐๐ฅ๐ฎ๐ฌ๐ข๐ฏ๐ ๐๐ง๐ฌ๐ข๐ ๐ก๐ญ๐ฌ:
โ Luxury Cosmetics Market is expected to garner $81,247.6 million by 2026
โ Luxury Apparels Market is projected to reach $278,181.5 million by 2031
โ Luxury Jewelry Market is projected to reach $40.19 billion by 2031
https://www.alliedmarketresearch.com/luxury-jewelry-market-A16918
โ Luxury Footwear Market is projected to reach $39,987.4 million by 2030
https://www.alliedmarketresearch.com/luxury-footwear-market
โ Electronic Cigarette Market is projected to reach $94,316.6 million by 2031
https://www.alliedmarketresearch.com/electronic-cigarette-market
โ Sunglasses Market is estimated to reach $18,164 million by 2027
https://www.alliedmarketresearch.com/sunglasses-market-A10356
โ Musical Instruments Market is projected to reach $11,589.8 million by 2030
https://www.alliedmarketresearch.com/musical-instrument-market-A07924
David Correa
Allied Market Research
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